District Circular Letters

The Federal Reserve Board on August 12, 2011 issued an interim final rule establishing regulations for savings and loan holding companies (SLHCs). The rule will take effect once it is published in the Federal Register, which is expected soon.

On August 5, 2011, Standard & Poor's rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations).

Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act1 (Dodd-Frank Act) transfers to the Board of Governors of the Federal Reserve System (Board) the supervisory functions of the Office of Thrift Supervision (OTS) related to SLHCs and their nondepository subsidiaries beginning on July 21, 2011. The Dodd-Frank Act also provides that all […]

Under the Home Owners’ Loan Act (HOLA), a savings and loan holding company (SLHC) includes any company that directly or indirectly controls either a savings association or any other company that is an SLHC.1 The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended HOLA to exclude from the definition of an SLHC […]

Effective July 21, 2011, any savings association that is a subsidiary of a savings and loan holding company (SLHC) must provide notice to the Board at least 30 days before declaring a dividend.1 The duty to review and process these notices is one of the new responsibilities the Board assumed on July 21, 2011, as […]

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Bay Commercial Bank, Walnut Creek, California, for membership in the Federal Reserve System.

The Federal Reserve Board is seeking comment on a proposal that sets standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.

On July 25, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility.

The Federal Reserve Board on July 14, 2011 announced the approval of a final rule to repeal its Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System.

The Federal Reserve Board is seeking comment on a notice that outlines the regulations previously issued by the Office of Thrift Supervision (OTS) that the Federal Reserve will continue to enforce after assuming supervisory responsibility for savings and loan holding companies (SLHCs).